Banking

As the end of 2020 draws near, banks and payment service providers in the European Union face yet another PSD2 deadline. Full enforcement of the much-debated Strong Customer Authentication (SCA) across the region will begin from January 1, 2021*. This implementation comes under extraordinary circumstances caused by the pandemic. Much of Europe has moved into another phase of lockdowns, causing a shift in shopping behavior from brick-and-mortar to digital. The change in purchasing habits has also brought in several first-time online shoppers.

With big banks denying the vast majority of small-business loan applications, the role of other lenders becomes increasingly important.

Traditional banks are now facing intense competition from FinTech players that are young, dynamic, and more adept at providing financial services in today’s digital era.

Largely under the influence of FinTech, the robustness of internal infrastructure in banking went from being an industry norm to a disadvantageous hallmark.

Initial perceptions of FinTech startups pegged them as standalone disruptors of the financial ecosystem. But the consensus within the financial sector is shifting.

Banks are now finding ways to involve themselves with startups to reap benefits by making early-stage investments and launching mentorship programs to attract talent.

Global money transfer company TRANSFAST today announced partnerships with three leading Kenyan banks for instant deposits, as well as the launch of its M-PESA service.

It is estimated that the Cholamandalam's parent company Murugappa group together has over 3.5 million rural customers.

ATMs may soon go the way of the 8-track tape, as companies and banks are devising alternate methods of withdrawing cash from ATMs, one of which is cardless.

A list of some companies that provide financial infrastructure APIs.

In this exclusive in-depth analysis, a banking domain expert sat down with an analytics team and analyzed three years of data from the CFPB to understand the service levels in financial services.

As data-rich organizations look for ways to leverage the endless opportunities insights into customers provide, big data analytics finds a variety of other applications.